What will happen next to Bitcoin? Today we had the pleasure of interviewing Bobby Lee, Co-founder of BTCC and board member of the Bitcoin Foundation.
Bobby first started getting involved with Bitcoin back in 2011, obtaining his first ever Bitcoin through mining. Lee co-founded BTCC, which was the first Bitcoin Exchange in China back in 2011, surging as a n alternative to Mt. Gox. BTCC was the first ever crypto company in Asia to obtain funding through Venture Capital company.
China and cryptocurrencies
After BTCC was sold in 2018, Bobby stepped out as its CEO and is now an advocate of cryptocurrencies and the technology around it. According to Bobby, the Chinese government has taken quite a hostile stand towards cryptocurrencies in general under the following premise:
“The government does not want to see exchanges to be really popular, they don’t want people investing in crypto assets due to the volatile nature and the price swings in the asset, they think is dangerous for the mass consumers to invest in crypto, digital currencies like Bitcoin; which is why they shut down all exchanges.”
Although, he is certain that with time, China will reopen crypto exchanges and will change its stand in regards to cryptocurrencies in general. As for the regulation of mining, Bobby strongly believes this regulation, if it ever comes into place, will be hard to apply given the difficulty it represents due to its decentralized system, which makes it hard to track.
Poker and investing in crypto
When asked about his well-known skills in poker and the relationship between crypto investment, Bobby commented o how poker was a game of skills which required to calculate odds and do math constantly, representing some sort of similarity between the game and crypto investment.
Bobby also gave us some great advice when it comes to investing. The financial expert prompts people not to be afraid or hesitate when investing in Bitcoin, although each individual should always consider his targets and risk profile when it comes to investing. According to Bobby, there are four key investment tips when it comes to Bitcoin that everybody should follow:
- Don’t hesitate to invest. If you already heard of Bitcoin, you should already own it and if you don’t it means you’re hesitating, you’re waiting for a good price to jump in.
- After investing, make sure you don’t sell it for a small gain. You should seek 20x or 100x, don’t don’t sell until you have that holding power.
- Also, make sure you buy enough because one day it will go up so high that you will regret either selling or not buying enough.
- Don’t sell in a panic crash. The market will always have spikes and market crashes, so be stable. Be a HODLer.
Bitcoin price prediction
Bobby strongly believes Bitcoin (BTC) will reach $60,000 in the next 3-5 years, reaching a market size of 1 trillion dollars.
Bobby Lee’s portfolio
Apart from Bitcoin, Bobby’s portfolio includes Litecoin (LTC), Ethereum (ETH) and Bitcoin Cash (BCH). As of today, Bobby is taking a sort of gap year, relaxing, playing poker and thinking about his next step crypto.